NCI Building Systems, Inc. |
Recast of Historical Financial Results for Changes to Reportable Business Segments |
(Unaudited) |
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
Jan 30, 2016 | May 1, 2016 | Jul 31, 2016 | Oct 30, 2016 | Oct 30, 2016 | Jan 29, 2017 | Apr 30, 2017 | Jul 30, 2017 | Oct 29, 2017 | Oct 29, 2017 | ||||||||||||||||||||||
Total Sales: | |||||||||||||||||||||||||||||||
Engineered Building Systems | $ | 148,975 | $ | 138,023 | $ | 181,029 | $ | 204,208 | $ | 672,235 | $ | 151,263 | $ | 162,624 | $ | 191,910 | $ | 188,183 | $ | 693,980 | |||||||||||
Metal Components | 123,353 | 130,293 | 166,512 | 166,532 | 586,690 | 134,173 | 154,895 | 166,305 | 181,288 | 636,661 | |||||||||||||||||||||
Insulated Metal Panels | 91,199 | 89,433 | 105,694 | 110,001 | 396,327 | 95,195 | 102,937 | 119,730 | 123,542 | 441,404 | |||||||||||||||||||||
Metal Coil Coating | 73,848 | 79,829 | 96,684 | 95,987 | 346,348 | 88,340 | 86,729 | 95,261 | 98,550 | 368,880 | |||||||||||||||||||||
Total sales | 437,375 | 437,578 | 549,919 | 576,728 | 2,001,600 | 468,971 | 507,185 | 573,206 | 591,563 | 2,140,925 | |||||||||||||||||||||
Less: Intersegment sales | (67,361 | ) | (65,331 | ) | (87,566 | ) | (96,414 | ) | (316,672 | ) | (77,268 | ) | (86,721 | ) | (103,821 | ) | (102,837 | ) | (370,647 | ) | |||||||||||
Total net sales | $ | 370,014 | $ | 372,247 | $ | 462,353 | $ | 480,314 | $ | 1,684,928 | $ | 391,703 | $ | 420,464 | $ | 469,385 | $ | 488,726 | $ | 1,770,278 | |||||||||||
External Sales | |||||||||||||||||||||||||||||||
Engineered Building Systems | $ | 145,950 | $ | 134,454 | $ | 175,471 | $ | 196,596 | $ | 652,471 | $ | 145,021 | $ | 154,456 | $ | 182,164 | $ | 178,222 | $ | 659,863 | |||||||||||
Metal Components | 102,744 | 111,748 | 140,560 | 139,968 | 495,020 | 115,557 | 133,290 | 140,639 | 155,183 | 544,669 | |||||||||||||||||||||
Insulated Metal Panels | 81,182 | 79,882 | 94,059 | 92,648 | 347,771 | 82,441 | 86,773 | 98,026 | 105,064 | 372,304 | |||||||||||||||||||||
Metal Coil Coating | 40,138 | 46,163 | 52,263 | 51,102 | 189,666 | 48,684 | 45,945 | 48,556 | 50,257 | 193,442 | |||||||||||||||||||||
Total external sales | $ | 370,014 | $ | 372,247 | $ | 462,353 | $ | 480,314 | $ | 1,684,928 | $ | 391,703 | $ | 420,464 | $ | 469,385 | $ | 488,726 | $ | 1,770,278 | |||||||||||
Operating Income | |||||||||||||||||||||||||||||||
Engineered Building Systems | $ | 12,462 | $ | 7,193 | $ | 19,561 | $ | 22,830 | $ | 62,046 | $ | 6,503 | $ | 6,894 | $ | 14,948 | $ | 13,043 | $ | 41,388 | |||||||||||
Metal Components | 9,614 | 13,071 | 26,803 | 21,254 | 70,742 | 12,376 | 19,997 | 23,276 | 23,119 | 78,768 | |||||||||||||||||||||
Insulated Metal Panels | 5,414 | 2,782 | 8,911 | 7,513 | 24,620 | 2,192 | 19,377 | 11,468 | 14,895 | 47,932 | |||||||||||||||||||||
Metal Coil Coating | 5,895 | 6,686 | 10,531 | 9,310 | 32,422 | 6,706 | 6,227 | 7,107 | 1,419 | 21,459 | |||||||||||||||||||||
Corporate | (18,126 | ) | (19,138 | ) | (22,271 | ) | (21,516 | ) | (81,051 | ) | (17,891 | ) | (20,023 | ) | (22,702 | ) | (19,151 | ) | (79,767 | ) | |||||||||||
Total operating income | $ | 15,259 | $ | 10,594 | $ | 43,535 | $ | 39,391 | $ | 108,779 | $ | 9,886 | $ | 32,472 | $ | 34,097 | $ | 33,325 | $ | 109,780 | |||||||||||
Adjusted Operating Income (1) | |||||||||||||||||||||||||||||||
Engineered Building Systems | $ | 12,237 | $ | 6,415 | $ | 19,615 | $ | 23,103 | $ | 61,370 | $ | 8,413 | $ | 7,217 | $ | 15,889 | $ | 13,738 | $ | 45,257 | |||||||||||
Metal Components | 9,782 | 13,503 | 27,005 | 21,357 | 71,647 | 12,681 | 19,706 | 23,188 | 23,188 | 78,763 | |||||||||||||||||||||
Insulated Metal Panels | 5,897 | 2,986 | 8,979 | 7,917 | 25,779 | 2,192 | 10,387 | 11,711 | 15,696 | 39,986 | |||||||||||||||||||||
Metal Coil Coating | 5,895 | 6,725 | 10,531 | 9,310 | 32,461 | 6,706 | 6,227 | 7,107 | 7,419 | 27,459 | |||||||||||||||||||||
Corporate | (17,086 | ) | (18,234 | ) | (21,050 | ) | (20,829 | ) | (77,199 | ) | (17,485 | ) | (19,899 | ) | (21,405 | ) | (18,786 | ) | (77,575 | ) | |||||||||||
Total adjusted operating income | $ | 16,725 | $ | 11,395 | $ | 45,080 | $ | 40,858 | $ | 114,058 | $ | 12,507 | $ | 23,638 | $ | 36,490 | $ | 41,255 | $ | 113,890 |
(1) | The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure, because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statements of operations. |
1
NCI Building Systems, Inc. |
Recast of Historical Financial Results for Changes to Reportable Business Segments (continued) |
(Unaudited) |
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
Jan 30, 2016 | May 1, 2016 | Jul 31, 2016 | Oct 30, 2016 | Oct 30, 2016 | Jan 29, 2017 | Apr 30, 2017 | Jul 30, 2017 | Oct 29, 2017 | Oct 29, 2017 | ||||||||||||||||||||||
Adjusted EBITDA (2) | |||||||||||||||||||||||||||||||
Engineered Building Systems | $ | 13,982 | $ | 9,789 | $ | 21,122 | $ | 25,140 | $ | 70,033 | $ | 10,648 | $ | 9,377 | $ | 19,435 | $ | 15,242 | $ | 54,702 | |||||||||||
Metal Components | 10,898 | 14,820 | 28,462 | 22,736 | 76,916 | 14,043 | 21,060 | 24,509 | 24,694 | 84,306 | |||||||||||||||||||||
Insulated Metal Panels | 10,856 | 7,126 | 13,368 | 12,113 | 43,463 | 6,619 | 14,985 | 16,016 | 20,794 | 58,414 | |||||||||||||||||||||
Metal Coil Coating | 7,952 | 8,891 | 12,747 | 11,159 | 40,749 | 8,843 | 8,236 | 9,170 | 9,484 | 35,733 | |||||||||||||||||||||
Corporate | (14,565 | ) | (15,171 | ) | (17,871 | ) | (17,486 | ) | (65,093 | ) | (13,980 | ) | (16,689 | ) | (18,756 | ) | (16,273 | ) | (65,698 | ) | |||||||||||
Total adjusted EBITDA | $ | 29,123 | $ | 25,455 | $ | 57,828 | $ | 53,662 | $ | 166,068 | $ | 26,173 | $ | 36,969 | $ | 50,374 | $ | 53,941 | $ | 167,457 | |||||||||||
Operating Income Margin | |||||||||||||||||||||||||||||||
Engineered Building Systems | 8.4 | % | 5.2 | % | 10.8 | % | 11.2 | % | 9.2 | % | 4.3 | % | 4.2 | % | 7.8 | % | 6.9 | % | 6.0 | % | |||||||||||
Metal Components | 7.8 | % | 10.0 | % | 16.1 | % | 12.8 | % | 12.1 | % | 9.2 | % | 12.9 | % | 14.0 | % | 12.8 | % | 12.4 | % | |||||||||||
Insulated Metal Panels | 5.9 | % | 3.1 | % | 8.4 | % | 6.8 | % | 6.2 | % | 2.3 | % | 18.8 | % | 9.6 | % | 12.1 | % | 10.9 | % | |||||||||||
Metal Coil Coating | 8.0 | % | 8.4 | % | 10.9 | % | 9.7 | % | 9.4 | % | 7.6 | % | 7.2 | % | 7.5 | % | 1.4 | % | 5.8 | % | |||||||||||
Consolidated | 4.1 | % | 2.8 | % | 9.4 | % | 8.2 | % | 6.5 | % | 2.5 | % | 7.7 | % | 7.3 | % | 6.8 | % | 6.2 | % | |||||||||||
Adjusted Operating Income Margin | |||||||||||||||||||||||||||||||
Engineered Building Systems | 8.2 | % | 4.6 | % | 10.8 | % | 11.3 | % | 9.1 | % | 5.6 | % | 4.4 | % | 8.3 | % | 7.3 | % | 6.5 | % | |||||||||||
Metal Components | 7.9 | % | 10.4 | % | 16.2 | % | 12.8 | % | 12.2 | % | 9.5 | % | 12.7 | % | 13.9 | % | 12.8 | % | 12.4 | % | |||||||||||
Insulated Metal Panels | 6.5 | % | 3.3 | % | 8.5 | % | 7.2 | % | 6.5 | % | 2.3 | % | 10.1 | % | 9.8 | % | 12.7 | % | 9.1 | % | |||||||||||
Metal Coil Coating | 8.0 | % | 8.4 | % | 10.9 | % | 9.7 | % | 9.4 | % | 7.6 | % | 7.2 | % | 7.5 | % | 7.5 | % | 7.4 | % | |||||||||||
Consolidated | 4.5 | % | 3.1 | % | 9.8 | % | 8.5 | % | 6.8 | % | 3.2 | % | 5.6 | % | 7.8 | % | 8.4 | % | 6.4 | % | |||||||||||
Adjusted EBITDA Margin | |||||||||||||||||||||||||||||||
Engineered Building Systems | 9.4 | % | 7.1 | % | 11.7 | % | 12.3 | % | 10.4 | % | 7.0 | % | 5.8 | % | 10.1 | % | 8.1 | % | 7.9 | % | |||||||||||
Metal Components | 8.8 | % | 11.4 | % | 17.1 | % | 13.7 | % | 13.1 | % | 10.5 | % | 13.6 | % | 14.7 | % | 13.6 | % | 13.2 | % | |||||||||||
Insulated Metal Panels | 11.9 | % | 8.0 | % | 12.6 | % | 11.0 | % | 11.0 | % | 7.0 | % | 14.6 | % | 13.4 | % | 16.8 | % | 13.2 | % | |||||||||||
Metal Coil Coating | 10.8 | % | 11.1 | % | 13.2 | % | 11.6 | % | 11.8 | % | 10.0 | % | 9.5 | % | 9.6 | % | 9.6 | % | 9.7 | % | |||||||||||
Consolidated | 7.9 | % | 6.8 | % | 12.5 | % | 11.2 | % | 9.9 | % | 6.7 | % | 8.8 | % | 10.7 | % | 11.0 | % | 9.5 | % |
(2) | The Company's Credit Agreement defines Adjusted EBITDA. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments and stock compensation as well as certain special charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Loan facility, the Company entered into an Asset-Based Lending facility which has substantially the same definition of Adjusted EBITDA except that the ABL facility caps certain special charges. The Company is disclosing Adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results. |
2
NCI BUILDING SYSTEMS, INC. | ||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Consolidated | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Total Net Sales | 391,703 | 420,464 | 469,385 | 488,726 | 1,770,278 | |||||||||||
Operating Income, GAAP | 9,886 | 32,472 | 34,097 | 33,325 | 109,780 | |||||||||||
Restructuring and impairment | 2,264 | 315 | 1,009 | 1,709 | 5,297 | |||||||||||
Strategic development | 357 | 124 | 1,297 | 193 | 1,971 | |||||||||||
Loss on sale of assets and asset recovery | — | 137 | — | — | 137 | |||||||||||
Gain on insurance recovery | — | (9,601 | ) | (148 | ) | — | (9,749 | ) | ||||||||
Unreimbursed business interruption costs | — | 191 | 235 | 28 | 454 | |||||||||||
Goodwill impairment | — | — | — | 6,000 | 6,000 | |||||||||||
Adjusted Operating Income | 12,507 | 23,638 | 36,490 | 41,255 | 113,890 | |||||||||||
Other income and expense | 309 | 449 | 1,322 | (62 | ) | 2,018 | ||||||||||
Depreciation and amortization | 10,315 | 10,062 | 10,278 | 10,664 | 41,319 | |||||||||||
Share-based compensation expense | 3,042 | 2,820 | 2,284 | 2,084 | 10,230 | |||||||||||
Adjusted EBITDA | $ | 26,173 | $ | 36,969 | $ | 50,374 | $ | 53,941 | $ | 167,457 | ||||||
Year over year growth, Total Net Sales | 5.9 | % | 13.0 | % | 1.5 | % | 1.8 | % | 5.1 | % | ||||||
Operating Income Margin | 2.5 | % | 7.7 | % | 7.3 | % | 6.8 | % | 6.2 | % | ||||||
Adjusted Operating Income Margin | 3.2 | % | 5.6 | % | 7.8 | % | 8.4 | % | 6.4 | % | ||||||
Adjusted EBITDA Margin | 6.7 | % | 8.8 | % | 10.7 | % | 11.0 | % | 9.5 | % | ||||||
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30, 2016 | ||||||||||||
Total Net Sales | 370,014 | 372,247 | 462,353 | 480,314 | 1,684,928 | |||||||||||
Operating Income, GAAP | 15,259 | 10,594 | 43,535 | 39,391 | 108,779 | |||||||||||
Restructuring and impairment | 1,510 | 1,149 | 778 | 815 | 4,252 | |||||||||||
Strategic development | 681 | 579 | 819 | 590 | 2,669 | |||||||||||
(Gain)/loss on sale of assets and asset recovery | (725 | ) | (927 | ) | (52 | ) | 62 | (1,642 | ) | |||||||
Adjusted Operating Income | 16,725 | 11,395 | 45,080 | 40,858 | 114,058 | |||||||||||
Other income and expense | (931 | ) | 827 | (508 | ) | (192 | ) | (804 | ) | |||||||
Depreciation and amortization | 10,747 | 10,765 | 10,595 | 9,815 | 41,922 | |||||||||||
Share-based compensation expense | 2,582 | 2,468 | 2,661 | 3,181 | 10,892 | |||||||||||
Adjusted EBITDA | $ | 29,123 | $ | 25,455 | $ | 57,828 | $ | 53,662 | $ | 166,068 | ||||||
Operating Income Margin | 4.1 | % | 2.8 | % | 9.4 | % | 8.2 | % | 6.5 | % | ||||||
Adjusted Operating Income Margin | 4.5 | % | 3.1 | % | 9.8 | % | 8.5 | % | 6.8 | % | ||||||
Adjusted EBITDA Margin | 7.9 | % | 6.8 | % | 12.5 | % | 11.2 | % | 9.9 | % |
3
Engineered Building Systems | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Total Sales | $ | 151,263 | $ | 162,624 | $ | 191,910 | $ | 188,183 | $ | 693,980 | ||||||
External Sales | 145,021 | 154,456 | 182,164 | 178,222 | 659,863 | |||||||||||
Operating Income, GAAP | 6,503 | 6,894 | 14,948 | 13,043 | 41,388 | |||||||||||
Restructuring and impairment | 1,910 | 186 | 941 | 695 | 3,732 | |||||||||||
Loss on sale of assets and asset recovery | — | 137 | — | — | 137 | |||||||||||
Adjusted Operating Income | 8,413 | 7,217 | 15,889 | 13,738 | 45,257 | |||||||||||
Other income and expense | (41 | ) | (125 | ) | 1,291 | (694 | ) | 431 | ||||||||
Depreciation and amortization | 2,276 | 2,285 | 2,255 | 2,198 | 9,014 | |||||||||||
Adjusted EBITDA | $ | 10,648 | $ | 9,377 | $ | 19,435 | $ | 15,242 | $ | 54,702 | ||||||
Year over year growth, Total sales | 1.5 | % | 17.8 | % | 6.0 | % | (7.8 | )% | 3.2 | % | ||||||
Year over year growth, External Sales | (0.6 | )% | 14.9 | % | 3.8 | % | (9.3 | )% | 1.1 | % | ||||||
Operating Income Margin | 4.3 | % | 4.2 | % | 7.8 | % | 6.9 | % | 6.0 | % | ||||||
Adjusted Operating Income Margin | 5.6 | % | 4.4 | % | 8.3 | % | 7.3 | % | 6.5 | % | ||||||
Adjusted EBITDA Margin | 7.0 | % | 5.8 | % | 10.1 | % | 8.1 | % | 7.9 | % | ||||||
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30, 2016 | ||||||||||||
Total Sales | $ | 148,975 | $ | 138,023 | $ | 181,029 | $ | 204,208 | $ | 672,235 | ||||||
External Sales | 145,950 | 134,454 | 175,471 | 196,596 | 652,471 | |||||||||||
Operating Income, GAAP | 12,462 | 7,193 | 19,561 | 22,830 | 62,046 | |||||||||||
Restructuring and impairment | 500 | 149 | 106 | 211 | 966 | |||||||||||
(Gain)/loss on sale of assets and asset recovery | (725 | ) | (927 | ) | (52 | ) | 62 | (1,642 | ) | |||||||
Adjusted Operating Income | 12,237 | 6,415 | 19,615 | 23,103 | 61,370 | |||||||||||
Other income and expense | (749 | ) | 938 | (931 | ) | (362 | ) | (1,104 | ) | |||||||
Depreciation and amortization | 2,494 | 2,436 | 2,438 | 2,399 | 9,767 | |||||||||||
Adjusted EBITDA | $ | 13,982 | $ | 9,789 | $ | 21,122 | $ | 25,140 | $ | 70,033 | ||||||
Operating Income Margin | 8.4 | % | 5.2 | % | 10.8 | % | 11.2 | % | 9.2 | % | ||||||
Adjusted Operating Income Margin | 8.2 | % | 4.6 | % | 10.8 | % | 11.3 | % | 9.1 | % | ||||||
Adjusted EBITDA Margin | 9.4 | % | 7.1 | % | 11.7 | % | 12.3 | % | 10.4 | % |
4
Metal Components | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Total Sales | $ | 134,173 | $ | 154,895 | $ | 166,305 | $ | 181,288 | $ | 636,661 | ||||||
External Sales | 115,557 | 133,290 | 140,639 | 155,183 | 544,669 | |||||||||||
Operating Income, GAAP | 12,376 | 19,997 | 23,276 | 23,119 | 78,768 | |||||||||||
Restructuring and impairment | 305 | 129 | 60 | 69 | 563 | |||||||||||
Gain on insurance recovery | — | (420 | ) | (148 | ) | — | (568 | ) | ||||||||
Adjusted Operating Income | 12,681 | 19,706 | 23,188 | 23,188 | 78,763 | |||||||||||
Other income and expense | 28 | 52 | 55 | 84 | 219 | |||||||||||
Depreciation and amortization | 1,334 | 1,302 | 1,266 | 1,422 | 5,324 | |||||||||||
Adjusted EBITDA | $ | 14,043 | $ | 21,060 | $ | 24,509 | $ | 24,694 | $ | 84,306 | ||||||
Year over year growth, Total sales | 8.8 | % | 18.9 | % | (0.1 | )% | 8.9 | % | 8.5 | % | ||||||
Year over year growth, External Sales | 12.5 | % | 19.3 | % | 0.1 | % | 10.9 | % | 10.0 | % | ||||||
Operating Income Margin | 9.2 | % | 12.9 | % | 14.0 | % | 12.8 | % | 12.4 | % | ||||||
Adjusted Operating Income Margin | 9.5 | % | 12.7 | % | 13.9 | % | 12.8 | % | 12.4 | % | ||||||
Adjusted EBITDA Margin | 10.5 | % | 13.6 | % | 14.7 | % | 13.6 | % | 13.2 | % | ||||||
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30, 2016 | ||||||||||||
Total Sales | $ | 123,353 | $ | 130,293 | $ | 166,512 | $ | 166,532 | $ | 586,690 | ||||||
External Sales | 102,744 | 111,748 | 140,560 | 139,968 | 495,020 | |||||||||||
Operating Income, GAAP | 9,614 | 13,071 | 26,803 | 21,254 | 70,742 | |||||||||||
Restructuring and impairment | 168 | 432 | 202 | 103 | 905 | |||||||||||
Adjusted Operating Income | 9,782 | 13,503 | 27,005 | 21,357 | 71,647 | |||||||||||
Other income and expense | 93 | 167 | 92 | (27 | ) | 325 | ||||||||||
Depreciation and amortization | 1,023 | 1,150 | 1,365 | 1,406 | 4,944 | |||||||||||
Adjusted EBITDA | $ | 10,898 | $ | 14,820 | $ | 28,462 | $ | 22,736 | $ | 76,916 | ||||||
Operating Income Margin | 7.8 | % | 10.0 | % | 16.1 | % | 12.8 | % | 12.1 | % | ||||||
Adjusted Operating Income Margin | 7.9 | % | 10.4 | % | 16.2 | % | 12.8 | % | 12.2 | % | ||||||
Adjusted EBITDA Margin | 8.8 | % | 11.4 | % | 17.1 | % | 13.7 | % | 13.1 | % |
5
Insulated Metal Panels | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Total Sales | $ | 95,195 | $ | 102,937 | $ | 119,730 | $ | 123,542 | $ | 441,404 | ||||||
External Sales | 82,441 | 86,773 | 98,026 | 105,064 | 372,304 | |||||||||||
Operating Income, GAAP | 2,192 | 19,377 | 11,468 | 14,895 | 47,932 | |||||||||||
Restructuring and impairment | — | — | 8 | 683 | 691 | |||||||||||
Strategic development | — | — | — | 90 | 90 | |||||||||||
Gain on insurance recovery | — | (9,181 | ) | — | — | (9,181 | ) | |||||||||
Unreimbursed business interruption costs | — | 191 | 235 | 28 | 454 | |||||||||||
Adjusted Operating Income | 2,192 | 10,387 | 11,711 | 15,696 | 39,986 | |||||||||||
Other income and expense | 35 | 340 | (211 | ) | 356 | 520 | ||||||||||
Depreciation and amortization | 4,392 | 4,258 | 4,516 | 4,742 | 17,908 | |||||||||||
Adjusted EBITDA | $ | 6,619 | $ | 14,985 | $ | 16,016 | $ | 20,794 | $ | 58,414 | ||||||
Year over year growth, Total sales | 4.4 | % | 15.1 | % | 13.3 | % | 12.3 | % | 11.4 | % | ||||||
Year over year growth, External Sales | 1.6 | % | 8.6 | % | 4.2 | % | 13.4 | % | 7.1 | % | ||||||
Operating Income Margin | 2.3 | % | 18.8 | % | 9.6 | % | 12.1 | % | 10.9 | % | ||||||
Adjusted Operating Income Margin | 2.3 | % | 10.1 | % | 9.8 | % | 12.7 | % | 9.1 | % | ||||||
Adjusted EBITDA Margin | 7.0 | % | 14.6 | % | 13.4 | % | 16.8 | % | 13.2 | % | ||||||
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30, 2016 | ||||||||||||
Total Sales | $ | 91,199 | $ | 89,433 | $ | 105,694 | $ | 110,001 | $ | 396,327 | ||||||
External Sales | 81,182 | 79,882 | 94,059 | 92,648 | 347,771 | |||||||||||
Operating Income, GAAP | 5,414 | 2,782 | 8,911 | 7,513 | 24,620 | |||||||||||
Restructuring and impairment | 117 | 176 | 59 | 404 | 756 | |||||||||||
Strategic development | 366 | 28 | 9 | — | 403 | |||||||||||
Adjusted Operating Income | 5,897 | 2,986 | 8,979 | 7,917 | 25,779 | |||||||||||
Other income and expense | 65 | (543 | ) | 32 | 270 | (176 | ) | |||||||||
Depreciation and amortization | 4,894 | 4,683 | 4,357 | 3,926 | 17,860 | |||||||||||
Adjusted EBITDA | $ | 10,856 | $ | 7,126 | $ | 13,368 | $ | 12,113 | $ | 43,463 | ||||||
Operating Income Margin | 5.9 | % | 3.1 | % | 8.4 | % | 6.8 | % | 6.2 | % | ||||||
Adjusted Operating Income Margin | 6.5 | % | 3.3 | % | 8.5 | % | 7.2 | % | 6.5 | % | ||||||
Adjusted EBITDA Margin | 11.9 | % | 8.0 | % | 12.6 | % | 11.0 | % | 11.0 | % |
6
Metal Coil Coating | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Total Sales | $ | 88,340 | $ | 86,729 | $ | 95,261 | $ | 98,550 | $ | 368,880 | ||||||
External Sales | 48,684 | 45,945 | 48,556 | 50,257 | 193,442 | |||||||||||
Operating Income, GAAP | 6,706 | 6,227 | 7,107 | 1,419 | 21,459 | |||||||||||
Goodwill impairment | — | — | — | 6,000 | 6,000 | |||||||||||
Adjusted Operating Income | 6,706 | 6,227 | 7,107 | 7,419 | 27,459 | |||||||||||
Other income and expense | 31 | — | — | — | 31 | |||||||||||
Depreciation and amortization | 2,106 | 2,009 | 2,063 | 2,065 | 8,243 | |||||||||||
Adjusted EBITDA | $ | 8,843 | $ | 8,236 | $ | 9,170 | $ | 9,484 | $ | 35,733 | ||||||
Year over year growth, Total sales | 19.6 | % | 8.6 | % | (1.5 | )% | 2.7 | % | 6.5 | % | ||||||
Year over year growth, External Sales | 21.3 | % | (0.5 | )% | (7.1 | )% | (1.7 | )% | 2.0 | % | ||||||
Operating Income Margin | 7.6 | % | 7.2 | % | 7.5 | % | 1.4 | % | 5.8 | % | ||||||
Adjusted Operating Income Margin | 7.6 | % | 7.2 | % | 7.5 | % | 7.5 | % | 7.4 | % | ||||||
Adjusted EBITDA Margin | 10.0 | % | 9.5 | % | 9.6 | % | 9.6 | % | 9.7 | % | ||||||
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30, 2016 | ||||||||||||
Total Sales | $ | 73,848 | $ | 79,829 | $ | 96,684 | $ | 95,987 | $ | 346,348 | ||||||
External Sales | 40,138 | 46,163 | 52,263 | 51,102 | 189,666 | |||||||||||
Operating Income, GAAP | 5,895 | 6,686 | 10,531 | 9,310 | 32,422 | |||||||||||
Restructuring and impairment | — | 39 | — | — | 39 | |||||||||||
Adjusted Operating Income | 5,895 | 6,725 | 10,531 | 9,310 | 32,461 | |||||||||||
Other income and expense | 2 | — | 2 | — | 4 | |||||||||||
Depreciation and amortization | 2,055 | 2,166 | 2,214 | 1,849 | 8,284 | |||||||||||
Adjusted EBITDA | $ | 7,952 | $ | 8,891 | $ | 12,747 | $ | 11,159 | $ | 40,749 | ||||||
Operating Income Margin | 8.0 | % | 8.4 | % | 10.9 | % | 9.7 | % | 9.4 | % | ||||||
Adjusted Operating Income Margin | 8.0 | % | 8.4 | % | 10.9 | % | 9.7 | % | 9.4 | % | ||||||
Adjusted EBITDA Margin | 10.8 | % | 11.1 | % | 13.2 | % | 11.6 | % | 11.8 | % |
7
Corporate | ||||||||||||||||
(In thousands) | Fiscal Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 29, 2017 | April 30, 2017 | July 30, 2017 | October 29, 2017 | October 29, 2017 | ||||||||||||
Operating Loss, GAAP | $ | (17,891 | ) | $ | (20,023 | ) | $ | (22,702 | ) | $ | (19,151 | ) | $ | (79,767 | ) | |
Restructuring and impairment | 49 | — | — | 262 | 311 | |||||||||||
Strategic development | 357 | 124 | 1,297 | 103 | 1,881 | |||||||||||
Adjusted Operating Loss | (17,485 | ) | (19,899 | ) | (21,405 | ) | (18,786 | ) | (77,575 | ) | ||||||
Other income and expense | 256 | 182 | 187 | 192 | 817 | |||||||||||
Depreciation and amortization | 207 | 208 | 178 | 237 | 830 | |||||||||||
Share-based compensation expense | 3,042 | 2,820 | 2,284 | 2,084 | 10,230 | |||||||||||
Adjusted EBITDA | $ | (13,980 | ) | $ | (16,689 | ) | $ | (18,756 | ) | $ | (16,273 | ) | $ | (65,698 | ) | |
Fiscal Three Months Ended | Fiscal Year Ended | |||||||||||||||
January 30, 2016 | May 1, 2016 | July 31, 2016 | October 30, 2016 | October 30 2016 | ||||||||||||
Operating Loss, GAAP | $ | (18,126 | ) | $ | (19,138 | ) | $ | (22,271 | ) | $ | (21,516 | ) | $ | (81,051 | ) | |
Restructuring and impairment | 725 | 353 | 411 | 97 | 1,586 | |||||||||||
Strategic development | 315 | 551 | 810 | 590 | 2,266 | |||||||||||
Adjusted Operating Loss | (17,086 | ) | (18,234 | ) | (21,050 | ) | (20,829 | ) | (77,199 | ) | ||||||
Other income and expense | (342 | ) | 265 | 297 | (73 | ) | 147 | |||||||||
Depreciation and amortization | 281 | 330 | 221 | 235 | 1,067 | |||||||||||
Share-based compensation expense | 2,582 | 2,468 | 2,661 | 3,181 | 10,892 | |||||||||||
Adjusted EBITDA | $ | (14,565 | ) | $ | (15,171 | ) | $ | (17,871 | ) | $ | (17,486 | ) | $ | (65,093 | ) |
8